Lotte, maker of Ghana Chocolate, considers 'possible future entry' into Africa

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Lotte, maker of Ghana Chocolate, considers 'possible future entry' into Africa

Published: 10 Oct. 2024, 17:35

CHO YONG-JUN
cho.yongjun1@joongang.co.kr

Lotte Chairman Shin Dong-bin, in suit, visited Ghana to secure a large purchase of cacao and discuss the company's possible future entry into the African market [LOTTE]

Lotte Chairman Shin Dong-bin visited Ghana to secure a large purchase of cacao and discuss the company's possible future entry into the African market.

Lotte has been selling its signature Ghana Chocolate for 60 years in Japan and 50 years in Korea, but neither Lotte Wellfood nor Lotte Japan currently operates a retail business in Africa.

Lotte Wellfood and Lotte Japan signed a deal with cocoa farms to purchase cacao beans, from which cocoa is made, in bulk during Shin's visit. The joint project, dubbed Cacao Bean Projects, will direct parts of its profit toward building a "better monitoring system to improve child labor conditions, develop agriculture educational programs and build infrastructure in the country,” Lotte said in a news release Thursday.

The chairman also met with Wamkele Mene, secretary general of the African Continental Free Trade Area Secretariat, to discuss Lotte’s potential future on the continent.

Lotte chairman also visited a cacao farm in Suhum, Ghana, on Tuesday and donated 130,000 cacao tree saplings. Ghana's cacao production has taken a hit in recent months following a heat wave and diseases spreading among its trees, which the company hopes the donation will help to alleviate.

“Lotte Korea and Japan have decided to directly aid the farms as it will be difficult for Ghana to fix the issue in the short term,” Lotte said.

“Lotte Korea and Japan will cooperate for the sustainable production of cocoa beans.”

Lotte Wellfood will send volunteer groups from Korea and Japan to Ghana at the end of October to donate “upcycled” notebooks and pencil cases to 4,000 Ghanaian students as part of a new environmental, social and governance campaign.

BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]